An old service station parcel contains a buried tank that may have leaked fuel into the soil. Which environmental concern most directly applies?
Correct Answer
C) Underground storage tank concern
Underground storage tank concern is correct because the facts match a potential environmental issue involving a buried tank that may leak petroleum or hazardous substances into soil or groundwater. That is the best description of the relationship, right, or legal concept tested here.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Megan's Law requires states to make information about registered sex offenders available to the public. Some states require real estate agents to inform buyers about the availability of sex offender registries.
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
More Property Disclosures Questions
A seller who fails to provide required disclosures may be liable for:
HOA disclosure requirements typically include:
Potential buyers lose interest in a house because local media repeatedly called it haunted even though inspections reveal no physical problem. What issue is this?
A seller knows that a prior occupant died peacefully in the home several years ago, and there is no physical defect. Which special disclosure issue is presented?
The doctrine of 'caveat emptor' (buyer beware) has been largely replaced by:
- → In a state that requires a written disclosure of a home's condition to the buyer, the disclosure form is filled out by:
- → Under TRID, the Loan Estimate replaced which older disclosure form that was previously provided to borrowers early in the loan process?
- → The Closing Disclosure must be received by the borrower at least three business days before closing. If closing is scheduled for Friday and no federal holiday falls during that week, when is the latest the borrower can receive the Closing Disclosure?
- → The Closing Disclosure replaced which two older disclosure forms that were previously used in residential mortgage transactions?
- → Under TRID, all of the following are included on Page 1 of the Loan Estimate EXCEPT.
- → A borrower compares the Loan Estimate with the Closing Disclosure and sees that government recording fees rose from $350 to $400. Under the TRID tolerance rules, is that increase permitted?
- → A borrower receives a Loan Estimate and notices that the estimated title insurance fee is $1,200. At closing, the Closing Disclosure shows the title insurance fee is $1,400. The borrower was allowed to shop for title insurance from a list provided by the lender. Under TRID tolerance rules, is this increase permissible?
- → A lender's origination charge on the Loan Estimate is $2,000. At closing, the origination charge on the Closing Disclosure is $2,300. Under TRID, what must the lender do?
- → A borrower submits a mortgage loan application on Monday. Under TRID, by when must the lender provide the Loan Estimate?
- → The Closing Disclosure includes a section showing how much total interest the borrower will pay over the life of the loan. A borrower sees that for a $300,000 30-year fixed-rate loan at 6.5 percent, the total interest exceeds $382,000. What purpose does this disclosure serve?
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Previous Question
After a long plumbing leak, dark growth spreads behind drywall and creates indoor air-quality concerns. What hazard best describes this condition?
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A 1978 ranch home is on the market. During inspection, the buyer's environmental specialist samples the wall insulation — a foam product widely installed during the late-1970s energy push and largely abandoned after Consumer Product Safety Commission concerns in the early 1980s. Lab analysis confirms the foam is off-gassing formaldehyde at levels exceeding indoor-air guidelines. Remediation could cost $10,000 to $30,000. The seller now must disclose this specific environmental issue, and the buyer wants to negotiate accordingly. Which named environmental concern is at issue with the foam insulation?